Joby Aviation (NYSE:JOBY) Shares Down 8.3% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) fell 8.3% on Monday . The stock traded as low as $8.09 and last traded at $8.19. 6,921,138 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 8,981,044 shares. The stock had previously closed at $8.93.

Analysts Set New Price Targets

JOBY has been the topic of a number of recent research reports. Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. Canaccord Genuity Group cut their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The firm has a market cap of $6.22 billion, a P/E ratio of -11.61 and a beta of 2.32. The firm’s fifty day moving average is $7.01 and its 200 day moving average is $5.98.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the firm earned ($0.13) EPS. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other news, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total value of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares in the company, valued at approximately $1,747,132.28. The trade was a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kate Dehoff sold 27,898 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now directly owns 199,413 shares in the company, valued at $1,096,771.50. This represents a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,154 shares of company stock worth $534,225 in the last 90 days. Company insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC raised its position in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after buying an additional 1,807,054 shares in the last quarter. State Street Corp raised its position in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares in the last quarter. Geode Capital Management LLC lifted its stake in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.